Inexpensive Stocks Take Lead in Rally

Valuations Succeed Yields as Signal to Buy

Investors are homing in on shares seen as bargains, a shift that bulls say could keep this year's epic stock rally going in 2014.

Leading the S&P 500 this year are stocks with characteristics that broadly place them in the "inexpensive" category: those with relatively low valuations based on earnings forecasts and increasing estimated profits, among others. The performance comparisons were based on data compiled by...